Another look at #'s 0.10 earnings per qtr. is closer to present par (at $1500 and $28 / respective oz). Based on present reserves, production, and mineral prices we could presently see $3.50 - 4.00. P.E. is generally proportional to reserves, and with elenas mine life a 9 P.E. is reasonable.
They are low cost producers which means their earnings will increase fairly poportionally to price of metals. At $2000 and $40/ ozs., earnings will increase to
.16 / qtr. X 4 qtrs. =
.64 X10 = sp of $6-7/sh. Before doubling production. Doubling would raise sp to $10 - 15+ / share +/- increase in metals.
If silver goes to $100 and gold $2200, look out for $30 sp. as that's what I'm talking about, with a buyout to pockets deep enough to pit La Jolla.
The real upside to the 9:1 P.E. is La Jolla's reserves as we'll learn with next updates (before november in CA.)